Johnvents Group, a Nigerian agribusiness company, has partnered with British International Investment (BII), the UK’s development finance institution, to invest $40.5 million in Nigeria’s cocoa industry. The investment aims to boost cocoa production, enhance processing capacity, and expand export potential, strengthening Nigeria’s position in the global cocoa market.
The funding will be used to modernize Johnvents’ cocoa processing facilities, improve supply chain efficiency, and support local farmers with better resources and training. By increasing value-added processing, the initiative seeks to reduce Nigeria’s dependence on raw cocoa exports and boost the production of processed cocoa products, such as butter, powder, and liquor.
Johnvents’ CEO, John Alamu, emphasized that the investment aligns with Nigeria’s broader economic diversification goals. He noted that expanding the cocoa sector will create jobs, enhance foreign exchange earnings, and improve sustainability within the industry. The company aims to leverage this capital to scale its operations and meet international quality standards.
British International Investment (BII) highlighted its commitment to supporting Nigeria’s agricultural sector, citing the potential for cocoa processing to drive economic growth. BII’s involvement is expected to bring expertise in sustainable agricultural practices and strengthen Nigeria’s competitiveness in the global market.
This investment comes at a crucial time when Nigeria is working to revive its agricultural exports amid economic challenges. With increased funding and strategic partnerships, the cocoa industry could see significant growth, benefiting local farmers and positioning Nigeria as a key player in global cocoa processing.
